Jun 29, 2025

Mansi Verma 4 min read29 Jun 2025, 02:02 PM IST Arjun Anand, executive director at Verlinvest. Summary Verlinvest's unique fund structure allows it to follow a distinct strategy. The Belgian investment firm expects at least two more consumer startups from its India portfolio to go public over the next two years, even as it adds 2-3 domestic brands every year. Gift this article Subscribe to enjoy similar stories. Subscribe now One down, at least two more to go. After Verlinvest SA’s portfolio company Wakefit Innovations Ltd filed for an IPO last week, the Belgium-based investment firm is queuing up beauty products platform Purplle and condiments maker Veeba for the public markets. At least two more consumer startups from the investment firm’s India portfolio could go public over the next two years, said Arjun Anand, executive director at Verlinvest. Wakefit, which sells mattresses, beds, sofas, and home furnishings, filed for a ₹468.2 crore initial public offering last week. Verlinvest is now preparing some of its mature investments, including Purplle and Veeba, for a public market debut, Anand told Mint, adding that both these companies have crossed ₹1,000 crore in annual revenue. Veeba and Purplle have not yet filed their financials for 2024-25. While Wakefit is in an advanced stage of going public, Veeba and Purplle are likely to consider a listing over the next two years, Anand added. “That’s how the flywheel works," said Anand. “Four to five mature companies will exit, three to four new ones will enter, and we will double down on the rest, just like we did with Blue Tokai." Verlinvest invested a second tranche of $9 million in Blue Tokai Coffee Roasters this month, after putting in $20-21 million last year in the cafe and coffee brand. Mint reported in January that the firm was planning to participate in a fresh investment round in pet care brand Heads Up For Tails. Key Takeaways Belgium-based investment firm Verlinvest is looking to unlock more value in its Indian consumer portfolio, with Wakefit filing for a ₹468 crore IPO. The investment firm is preparing cosmetics platform Purplle and condiments brand Veeba—both with over ₹1,000 crore in revenue—for IPOs in the next couple of years. With successful exits like Sula and partial stake sales in Purplle, Verlinvest is recycling gains into new investments and exploring sectors like healthcare, F&B, and pet care. Verlinvest’s other investments in India include yoghurt brand Epigamia and fertility services chain Ferty9. It previously also backed edtech platform Byju’s . As part of its plan to add 2-3 brands to its India portfolio every year, Verlinvest is actively scouting segments such as healthcare services, food and beverage, beauty, and experiential lifestyle for fresh investments, according to Anand. Purplle, founded in 2012, has raised more than $500 million. In October, the beauty products retailer announced closing its Series F funding round at ₹1,500 crore (about $175,000), led by Abu Dhabi Investment Authority. In July last year, Purplle said it had raised ₹1,000 crore in a funding round led by an arm of ADIA at a valuation of $1.25 billion. Its other investors include Blume Ventures, billionaire Azim Premji’s Premji Invest, and Sharrp Ventures. Veeba, also founded in 2012, sells sauces, dips, and other condiments. According to market research platform Tracxn, Veeba has raised $58.3 million from investors including Verlinvest, DSG Consumer Partners, and Saama Capital, and is currently valued at about ₹1,860 crore (about $217 million). Purplle declined to comment on its IPO plans. Veeba didn't immediately reply to Mint's email.